Business
Mystique Energy Announces Financial and Operational Results for the Year 2006
Mystique Energy Announces Financial and Operational Results for the Year 2006.
About this update from Abrasilver Resource Corp.
[{"type":"text","content":"\n\n\n\nCALGARY, March 27 /CNW/ - Mystique Energy, Inc. (MYS:TSX Venture) reports\nsignificant growth in its operational results for the twelve months ended\nDecember 31, 2006. Cash flow increased for the third consecutive quarter and\nproduction more than doubled while reserves almost tripled over 2005.\n\n\nFinancial and operational results for 2006 include:\n\n- Cash flow for the twelve months ended December 31, 2006 was\n $2.07 million, a 22% increase over the cash flow of $1.69 million for\n 2005.\n- Production sales for the year averaged 318 barrels of oil equivalent\n ("boepd"), more than double the average production rate of 143 boepd\n for 2005.\n- Cash flow for the fourth quarter of 2005 was $0.72 million. Mystique\n has now generated three consecutive quarters of increasing cash\n flows.\n- Production sales for the fourth quarter averaged 501 boepd, more than\n two and one-half times the average production rate of 195 boepd for\n the fourth quarter of 2005.\n- Net loss of $10.3 million resulted primarily from a non-cash ceiling\n test impairment loss of $12.4 MM$ which resulted from high costs of\n finding and developing reserves and lower gas prices.\n\nOther operational and corporate highlights for 2006 include the following:\n\n- Drilled 9 gross (8.25 net) wells in the Lochend/Bottrel/Wildcat Hills\n areas resulting in 8 cased wells (7.63 net) and one abandoned well\n (1.0 net) for an overall success rate of 89%.\n- As a result of the successful 2006 exploration drilling program,\n proved plus probable ("P+P") reserves almost tripled from 905 Mboe to\n 2530 Mboe.\n- Added 356 Mboe of proved reserves, replacing 2006 production of\n 116 Mboe by more than three times.\n- Based on year-end production rates, P+P reserves life index increased\n from 11.6 years to 12.6 years.\n- Completed private placement financings exceeding $6.8 million.\n- Appointed Terry McCoy as a director and Nick Antonenko as Vice\n President - Production Operations.\n\nHighlights so far for the first quarter of 2007 include:\n\n- Sold Garrington assets for gross proceeds of $4.05 million.\n- Prepared right-of-way for the tie-in of Mystique's Wildcat 14-05\n well.\n\nComplete financial and operating results will be filed on SEDAR and made\navailable on Mystique's website, www.mystiqueenergy.ca, later today.\n\nBased in Calgary,...